HSIL Limited Corporate Presentation August 2017 · HSIL Limited is more than a company. It is a...

HSIL Limited Corporate Presentation August 2017

POWER OF PLATFORMS

PROFITABLE SCALABLE SUSTAINABLE

Disclaimer

•  This presentation is strictly confidential and may not be copied, published, distributed or transmitted. The information in this presentation is being provided by HSIL Limited (also referred to as the ‘Company’). By attending the meeting where this presentation is being made or by reading the presentation materials, you agree to be bound by following limitations:

•  The information in this presentation has been prepared for use in presentations by the Company for information purposes only and does not constitute, or should be regarded as, or form part of any offer, invitation, inducement or advertisement to sell or issue, or any solicitation or initiation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, including the United States and India, nor shall it, or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment to purchase or subscribe for any securities of the Company in any jurisdiction, including the United States and India. This presentation does not constitute a recommendation by the Company or any other party to sell or buy any securities of the Company.

•  This presentation and its contents are not and should not be construed as a prospectus or an offer document, including as defined under the Companies Act, 2013, to the extent notified and in force) or an offer document under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended).

•  This presentation and its contents are strictly confidential to the recipient and should not be further distributed, re-transmitted, published or reproduced, in whole or in part, or disclosed by recipients directly or indirectly to any other person or press, for any purposes. In particular, this presentation is not for publication or distribution or release in any country where such distribution may lead to a breach of any law or regulatory requirement. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation or and if given or made, such information or representation must not be relied upon as having been authorized by us. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. Any failure to comply with this restriction may constitute a violation of applicable securities laws.

•  No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither the Company nor any of its affiliates, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives are under an obligation to update, revise or affirm.

•  This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Unless otherwise indicated, the information contained herein is preliminary and indicative and is based on management information, current plans and estimates. Industry and market-related information is obtained or derived from industry publications and other sources and has not been independently verified by us. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

•  THIS PRESENTATION IS NOT AN OFFER FOR SALE OF SECURITIES IN INDIA, THE UNITED STATES OR ELSEWHERE.

Power of Platforms

• At HSIL Limited, we have transformed our business around distinctive growth platforms

•  These platforms comprise Building Products, Consumer Products, Packaging Products and Retail Division

• We believe that national economic growth will translate fastest into broad-based consumer offtake, which will inevitably extend to lifestyle changes in hygiene and related products

• HSIL expects to address the robust national consumption story through these platforms

•  The creation of focused verticals around these distinctive business buckets is expected to catalyse our company, strengthen corresponding brands, enhance realisations and reinforce sustainability

•  The key to HSIL’s profitable, scalable and sustainable growth

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HSIL Limited is more than a company. It is a trustmark

A trustmark for world-class product quality, availability, accessibility and service

When consumer buy into HSIL, they get more than a product

They get a peace of mind

HSIL. Platforms. Philosophy. Purpose.

Core purpose: Passionately strive to

enrich customer’s quality of life thereby

enhancing stakeholder value

Mission: Helping our customers adopt a

comfortable, luxurious and sustainable

lifestyle while fostering innovation has been

our aim at HSIL

Values

People excellence Business excellence Leadership excellence

Performance Excellence • Teamwork to enable people to

succeed beyond their capabilities

• Recognising and rewarding team performance

• Promoting cross-functional teams Respect for Individual • A culture of trust and openness

• Nurturing high performance in teams Core Purpose & Values • Learning for sustained competitive

advantage • Developing personally and

professionally

Performance Excellence • Passionately committed to achieve

our goals

• Maintain a relentless focus on business objectives

• Strive to raise the performance in the business

Operational Excellence • Strive for consistent and assured

performance

• Setting benchmarks in operational processes

Customer-Centricity • Provide best in class experience to

our customers • Doing right for our internal and

external customers

Innovation • Foster innovation in our processes

and products to create and deliver value • Creativity and informed risk-taking

Agility • Embracing change and adapting

ourselves rapidly

• Respond quickly and effectively in order to seize opportunities

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HSIL. This is where we come from

•  Established in 1960 as Hindusthan Twyfords Ltd.

•  Recognized by the ‘hindware’ brand name

•  First Indian sanitaryware company featured in ‘Fortune India 500’ 2014 list

•  Four key verticals:

o  Building products (BPD)

o  Packaging products (PPD)

o  Consumer products (CPD)

o  Retail division

•  10 manufacturing facilities

•  8 regional offices and area offices

•  Registered office in Kolkata; corporate office in Gurugram, Haryana

•  Listed on NSE and BSE; market capitalization ` 2,736.06 crore, 31st July 2017 (as per NSE)

•  Revenue and EBITDA for FY 2016-17 ` 2,229.90 crore (US$ 343.96 mn) and ` 293.85 crore (US$ 45.33 mn) respectively

*`1 crore = `10 million | # 1 US$ = `64.83

Ownership profile *As on 30th June 2017

Promoters

FIIs/DIIs, MFs

Public float

2016-17 revenue Break up

Building products

Packaging products

Consumer products

Retail

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HSIL strategy in action

We transformed our DNA with the singular objective to enhance value We are pushing every business frontier The objective is to build a stronger company

Company with enhanced focus, controls, liquidity, de-risking and sustainability

The four pillars of our reinvention

Focused verticals Business channels Balance Sheet strengthening Debt rationalisation

We were once a sanitaryware and container glass company

We once marketed sanitaryware products through a dedicated retail distribution channel

The Company possessed a net gearing of 1.55 as on March 31, 2014

The company had ` 1,081 crore net debt as on 31st March 2014. Interest outflow was ` 68 crore in FY2013-14

Number of business, FY2009-10 : 3 Number of business, FY2016-17 : 8

Number of B2C retail sales channels, FY2009-10: 1 Number of B2C retail sales channels, FY2016-17: 3

Net Gearing, FY2013-14: 1.55 Net Gearing, FY2016-17: 0.64

Interest Cover, FY2013-14: 3.99 Interest Cover, FY2016-17: 8.81

We entered complementary areas - faucets, bathroom fittings, pipes and consumer products

Conventionally, these businesses were centrally managed

In the last couple of years, we created focused verticals to manage the diversified portfolio of products

Each of our eight businesses have been grouped under separate strategic business units (SBUs)

Focused verticals have allowed us to allocate responsibility, implement unit specific strategies and accelerate growth

When we launched new B2C products, we created new retail sales channels

We have three retail distribution channels (sanitaryware-faucets, consumer products and retail)

Pipes distribution channel (under development): To address hardware distribution

These channels will launch an increasing number of products

The channels will be scalable and profitable, resulting in sustainability

This approach will leverage intangible capital and enhance overall competitiveness

Raised growth capital through successful QIP of 62,50,000 equity shares aggregating ` 250 crore

Net worth increased from `699 crore in March 2014 to `1154 crore in March 2017

The Company’s net gearing strengthened to 0.64 as on 31 March 2017

Improved Balance Sheet set the tone for sustainable earnings growth

The company repaid `541 crore of debt in the 3 years ending FY2016-17

Reduced interest rate on existing ECBs

Availed new loans with elongated debt tenure to match the repayment cycle with project cash flows

Interest outflow declined from `68 crore in FY2013-14 to `33 crore in FY2016-17

Cash flows strengthened, interest cover (times) increased from 3.99x in FY2013-14 to 8.81x in FY2016-17

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The Power of Intangibles

•  The value of brands •  Distribution channels •  Focused verticals

The value of brands

•  HSIL building business around brands

•  Decades of experience in building brands from scratch

•  Brand building responsive to rapid national changes

•  Growing consumer preference for branded products

•  GST likely to accelerate branded offtake and organised sector role

Hindware’s new brand identity

•  Hindware redefined around ‘Start with the expert’ brand identity

•  Branding aligned with Vision 2020 (10 new Lacasa and over 200 Galleria stores)

•  Repositioned as an expert consumer companion in the bathroom design journey

•  Unveiled a new azure ‘HW’ symbol of expertise

‘HW’ bathrooms expertise delivered through seven pillars

•  Expert Helpline

•  DreamBath App 2.0

•  DreamBath Visualization Book

•  Hindware Design Studio

•  Expert website

•  Expert stores

•  Specially trained Hindware in-store experts (in select stores)

HSIL’s brand building approach

•  Strategic branding: Launched independent brand-backed products

•  Defined personalities: Addressed distinctive market spaces

•  Positioning: Promoted products around ‘aspirational’ and ‘differentiation’ themes

•  Brand Building: Invested across platforms (print, electronic, social, mobile and e-commerce).

•  Endorsements: Engaged Shah Rukh Khan, Jacqueline Fernandez and Kareena Kapoor Khan

•  Service: In-house after-sales service team of 300+ certified service engineers for sanitaryware and faucets business

•  Reach: Servicing 600+ districts from 20 after sales service centres located across India

•  Rejuvenation: Launched new ranges (19 sanitaryware and 7 faucets) and extended range during FY17.

•  Accessibility: Increased trade partners from 1,400+ in FY10 to 3,540+ (340+ for CPD)

•  Footprint: Enhanced pan-India footprint to 26,500+ retail touch-points (5,500+ for CPD)

•  Range: Helped graduate consumer purchases to the next proximate price point

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Distribution channels

•  Three distribution channels (sanitaryware/faucets, consumer products and retail)

•  Pipes distribution channel (under development): To address hardware distribution

•  Channels to launch wider (synergic) products portfolio

•  Channels scalable and profitable: For customers, trade partners and Company.


Our dealer and distributor network

Building products division Consumer products division

Dealers

Retail touch points

Distributors

Retail touch points

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Overview

•  Originally sanitaryware and container glass company

•  Entered complementary spaces (faucets, bathroom fittings, pipes and consumer products)

•  Created focused verticals for better management

•  SBU approach enhanced responsibility allocation and initiatives implementation

•  Focused verticals expected to catalyse company, strengthen brands and sustainability


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HSIL. Enhancing value for eco-system

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How we have enhanced value over the years

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Platforms overview: Building products

Building Products division. Flagship vertical. 3 sub-segments

Sanitaryware

•  Pioneering; most trusted; innovative; world-class quality; timely service

•  Market estimated around ` 4,000-4,200 crore

•  55:45 organised to unorganised presence

•  Market grew 7-8% in FY17; likely to grow ~10% CAGR going forward

•  Catalysed by urbanisation, increased disposable incomes and evolving preferences, govt. initiatives like Swachh Bharat, Housing for All, Smart cities

Faucets

•  Estimated at ` 7,200 crore; growing 13-15% CAGR

•  Market of kitchen faucets / bathroom faucets

•  50% organized sector market share

•  Offtake influenced by changing consumer lifestyles, growing middle-class and rising disposable incomes

•  Projected ~15% CAGR segment growth (next 3 years)

•  HSIL offers one of the widest product ranges - superior designs and quality

•  Differentiated HSIL products

Pipes

•  Objective: emerge as complete bathroom solutions provider

•  PVC pipes and fittings market comprises PVC, UPVC and CPVC segments

•  Indian plastic piping market (plumbing & sanitation for building and construction) of around ` 8,000 crore

•  Market revenues grew ~13% CAGR, FY2010-15

•  PVC pipes to replace conventional GI pipes (lower cost, application ease, high durability)

•  Rising CPVC pipes acceptance; market expected to grow faster

•  HSIL entered CPVC and UPVC pipes and fittings business by setting up new state-of-the-art plant

•  Arrangement with Sekisui Chemical Company Limited, Japan for CPVC resin supply, a key raw material

•  Projected PVC pipes and fittings market size of estimated `327 billion, FY2020. (Source: Ken Research)

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Product basket

Comprehensive Building Products portfolio

Sanitaryware

Water Closets

Wash Basins

Pedestals

Squatting pans

Urinals

Cisterns

Bidets

Faucets

Showers

Bathroom faucets

Kitchen faucets

Wellness

Bath tubs

Shower panels

Shower enclosures

Whirlpools

Steam generators

Allied Products

Concealed Cisterns

Seat covers

PVC cisterns

Pipes and fittings

CPVC pipes

UPVC pipes

Fittings

Platforms overview: Building Products Division

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Manufacturing infrastructure

Manufacturing infrastructure (million pieces per annum)

Products Facility Capacity

Sanitaryware Bahadurgarh (Haryana) 2.0

Bibinagar (Telangana) 2.2

Faucets

Kaharani (Rajasthan) 2.5

Bhiwadi (Rajasthan) (temporarily shutdown) 0.5

CPVC and UPVC pipes and fittings Medak (Telangana) Commercial production yet to start

Numbers at a glance (` in crore)

Particulars FY14 FY15 FY16 FY17

Net Revenue 881 936 961 1,038

EBIT ^ 183 178 171 165

EBIT (%) 20.7 19.0 17.8 15.9

^ before unallocable expenditure


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Key institutional clients

Most of the sales to institutional clients routed through dealers


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Competitive strengths

Experience More than five and a half decades

Capacity Among largest sanitaryware capacities in India

Range One of the widest Building Products offerings (across price points)

Reach One of the widest distribution networks (3,200+ dealers)

Network 15+ Queo Emporio showrooms, 200+ Gallerias and 4 Lacasa display centres

Innovation Introduced path-breaking products (rimless water closet); raising industry benchmark

Niche 29 water closets and 20 faucets received IAMPO- certified ‘star rating’; WEP-I for water-saving features as on March 31, 2017

Retail More than 75% business retail-driven (21,000+ pan- India retail points)


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Presence across the price spectrum

Mass

Premium

Luxury

Super Premium


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Platforms overview: Consumer products

•  Leveraged the Hindware brand and distribution network

•  Introduced home comfort products (partnership with leading global brands)

•  Focused on larger customer wallet share

•  Leveraged asset-light business model

Kitchen appliances

•  Demand driven by changing lifestyles, working population and expanding middle-class

•  Products comprising built-in kitchen appliances like chimneys, hobs, ovens, cooktops, dishwashers and kitchen sinks

•  Market projected to grow ~17% CAGR, 2016 to 2021

•  Kitchen chimney coupled with auto-clean facility (pioneering)

Water heaters

•  HSIL offers technologically-superior and aesthetically-appealing water heaters

•  Product launched in association with French multinational Groupe Atlantic (pioneer and world leader in HVAC segments)

•  Marketed under ‘hindware atlantic’ brand

•  Our water heaters save power, emphasize looks and consumer safety

•  Our products come with unique titanium coated tank; prevents corrosion arising out of poor water quality

•  Indian water heater market expected to surpass US $450 million by 2020

•  Market for electric water heaters anticipated to grow at ~7.5% CAGR (2016-2024)

Air coolers

•  HSIL launched air coolers under the brand name ‘hindware snowcrest’

•  Our air-coolers come with changeable front panels to match room ambience

•  Indian air-cooler market growing at around11% CAGR for the last four years

•  Market driven by increasing disposable incomes, low ownership cost and affordability

•  Residential air cooler market growing at ~16% CAGR (for past four years)

•  Consumption shift from unorganised to organised market

•  Market likely to reach ~` 8,000 crore by 2021

Water purifiers

•  Company launched water purifiers under ‘moonbow’ brand

•  Market growth being led by increased awareness about water purity, rise in water borne diseases

•  Indian water purifier market expected to grow to ~US $4.1 billion by 2024

•  Growth projected at ~15% CAGR (2016 to 2024)

Air purifiers

•  Company launched air purifiers under the brand name ‘moonbow’

•  India nascent market for air purifiers

•  Indian market projected to grow at over 40% CAGR, 2015-20.

•  Market growth on account of degrading air quality, rising health consciousness

•  HEPA-based purifiers enjoying highest demand due to their high efficiency, zero by-product emission and rising acceptability

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Competitive Strengths

Recall: Products are marketed under Hindware brand, enjoying brand equity

World-class products: The company’s products are sourced from leading global players

Pioneering: Launched products around superior technology features

Reach: Growing distribution network - 340+ distributors and 5,500+ retailers pan India

Multi-channel presence: Products are marketed through online platforms and organised retail, facilitating deeper reach into consumer markets

Visibility: Invested heavily in brand promotion for each product category to enhance brand and product visibility

Asset-light business model: Strategy has allowed us to gain a foothold in market in a short span of time and build a platform to augment our business


Particulars FY16 FY17

Net Revenue 57 128

EBIT ^ (16) (24)


Platforms overview: Consumer Products Division

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Platforms overview: Packaging Products

HSIL packaging products business comprises glass containers, PET bottles and soon to be launched security caps and closures. Used to package beverages, food, liquor, beer and pharmaceutical products

Container glass packaging

•  HSIL, one of the leading container glass manufacturer in India

•  Indian container glass market estimated at ~US $1.1 billion

• Global glass packaging market expected to grow at ~4% CAGR till 2019 (reach estimated US $60 billion market size)

• Glass preferred packaging choice for certain product categories like, liquor, beer, pharma

• Advantages: premium feel, eco-friendliness and infinite recyclability

• Currently India’s container glass manufacturing capacity stands at 12,000 tonnes per day

PET Bottles

•  PET enjoys maximum share of packaging material mix for industry as a whole

•  Features like lightness, superior clarity/gloss (for product visibility), higher shelf life and

recyclability ensure that PET is considered safe for storing water and soft drinks among other things

• Global PET bottle market has seen an estimated 7% CAGR growth over the last five years

•  The APAC region (Asia-Pacific region) specifically India and China hold great potential for consumption growth as they account for about 40% of the global PET bottle market

Security Caps & Closures

•  Such products are essential to prevent the counterfeiting of liquor and pharmaceuticals and are integral part of the packaging industry

•  HSIL’s foray into this business with a patented product range has opened new growth avenues for the company- domestically as well as overseas



Net Revenue 864 920 997 969

EBIT ^ 10 84 125 99

EBIT (%) 1.2 9.1 12.5 10.2


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Manufacturing infrastructure

Manufacturing Infrastructure

Products Facility Capacity

Glass containers (tonnes per day)

Sanathnagar, Hyderabad, (Telangana) 650*

Bhongir (Telangana) 950

PET Bottles (tonnes per annum)

Selaqui (Uttarakhand) 2,350

Dharwad (Karnataka) 7,300

Security caps & closures Medak (Telangana) (commercial production yet to start)

*Out of total capacity, 300 tonnes/day is shutdown at present

Key clients

Platforms overview: Packaging Products Division

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Competitive strengths

Experience: Multi-decade presence helps decode emerging trends

Sectoral presence: Multi-sector service capability

Proximity: Packaging plants proximate to customer filling locations

Range: Wide range of products (100+ PET bottles and 600+ glass containers)

Customisation: Ability to manufacture diverse bottles (sizes, colours and shapes)

Niche: First Indian company to manufacture niche specialty coloured bottles

Marquee clients: Addresses needs of leading players across key sectors

Integration: Foray into security caps and closures; to make HSIL a one-stop solutions provider

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Platforms overview: Packaging Products Division

Platforms overview: Retail

•  HSIL operates 15 large retail stores pan-India

•  Brand name ‘EVOK – Homes With Soul’

•  Stores showcase over 20,000+ world class contemporary products

•  Products comprise home furniture, soft furnishing, home décor & accessories, modular kitchens and modular wardrobes

•  EVOK has an online store at www.evok.in

•  Indian furniture market projected to cross US $32 billion by 2019

•  Growth catalyzed by rising disposable incomes, growing number of households and expending middle-class



Net Revenue 87 97 93 96

EBIT ^ (16) (14) (16) (15)


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HSIL. Accreditations & credentials

Certifications

Key Awards

OHSAS – 18001 : 2007

ISO – 9001 : 2008

ISO – 14001 : 2004

FSSC – 22000

ISO – 15378 : 2011

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Promoters

Dr. Rajendra Kumar Somany Chairman and Managing Director •  Commerce graduate from St. Xavier’s College, Calcutta

University

•  Provides strategic direction and vision to the Company

•  Extensive 62-year work experience

•  Active member of Rotary for past 55 years

•  Bestowed upon with degree of ‘Doctor of Philosophy in Management’ by KEISIE International University (KIU), South Korea

•  Presented with ‘Lifetime Achievement Honour’ by Washroom & Beyond, reputed trade magazine

Mr. Sandip Somany Vice Chairman and Managing Director •  Commerce graduate and a diploma holder in Ceramic

Manufacturing Technology from the US

•  A 32 year work experience in the ceramics and glass industry

•  Former President of PHD Chamber of Commerce and Industry (PHDCCI)

•  Past-President of International Chamber of Commerce (Head Quarter in Paris) India Chapter

•  Member of the Executive Committee of FICCI

•  Member of Managing Committee of ASSOCHAM

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•  Presented with ‘Lifetime Achievement Award’ and ‘Vishwakarma Award’ by Indian Plumbing Association (IPA)

•  Conferred with ‘Lifetime Achievement Award’ by ACETECH

•  Conferred with ‘Lifetime Achievement Honour’ by World Consulting and Research Corporation (WCRC)

•  Conferred with ‘Lifetime Achievement Award’ at India’s Most Admired Brand’s event hosted by White Page International

•  Presented with ‘Trailbrazer of Sanitaryware Award’ at World Business Conclave, Hongkong

•  ‘World Leader Businessperson’ recognition by the World Confederation of Business

•  Assisted the Bureau of Indian Standards to develop quality standards for the Sanitaryware Industry and instrumental in aligning the Indian Standards with European counterparts

•  Executive Board member and Senior Fellow member of Indian Green Building Council (IGBC)

•  Chairman of Indian Plumbing Skills Council (IPSC)

•  Former Chairman of Council of Indian Employers

•  Former President of The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and PHD Chamber of Commerce and Industry (PHDCCI) and Employers’ Federation of India

•  Founder President of Bahadurgarh Chamber of Commerce and Industry

•  Fellow member of Chartered Management Institute, Institute of Directors, Institute of Materials, Minerals and Mining, UK (IOM3) and Life Fellow of the All India Management Association

•  Emeritus member of American Ceramic Society

•  Member of Corporate Affairs Committee, CSR Committee and Internal Sub-Committee of the Company

•  Chairman of the Indian Council of Sanitaryware Manufactures (INCOSAMA)

•  Member of the Governing Council of All India Glass Manufacturer’s Association

•  Member of Corporate Affairs Committee, CSR Committee and Internal Sub-Committee of the Company

Board of Directors

Dr. Rajendra Kumar Somany Chairman and Managing Director

Mr. Sandip Somany Vice Chairman and Managing Director

Mrs. Sumita Somany Director

A Commerce graduate with around 9 years of experience in retail business and former whole-time director of Hindware Home Retail Private Limited (HHRPL)

Mr. G.L Sultania Director

B .Com, F.C.A., F.C.S. and consultant by profession. Possesses vast knowledge and experience of Financial Restructuring, Corporate Laws and Legal Compliance, General Member of Association of Corporate Advisers & Executives

Mr. Ashok Jaipuria Independent Director

Qualified in Business Administration and Marketing Sciences, Chairman and Managing Director of Cosmo Films Limited, an Indian MNC, Chairman of Cosmo Ferrites Limited. Former Member of the Board of Governors of the Indian Institute of Technology, Indore

Mr. N.G. Khaitan Independent Director

Attorney-At-Law and a Notary Public appointed by the Government of India, Practises in the Calcutta High Court and

in the Supreme Court of India, senior partner at Khaitan & Co., one of the leading law firms in India. President of the Indian Council of Arbitration, New Delhi

Dr. Rainer Siegfried Simon Independent Director

A German Citizen, professional with over 32 years of experience in international Building Products Businesses. A Doctorate and has a degree in Business Administration from St. Gallen University, Switzerland, Owner of Birch Court GmbH since 2005. Former President and CEO of Sanitec International AG (Europe’s largest Sanitaryware manufacturer)

Mr. V.K. Bhandari Independent Director

An FCA with over 35 years of experience in the Banking Industry, Former General Manager of the Central Bank of India and had been the Head of Credit, Credit Monitoring, Treasury, Investment, Funds Management, Merchant Banking and International Banking Divisions

Mr. Salil Bhandari Independent Director

An FCA, B. Com. (Hons.) from Shri Ram College of Commerce, Delhi University and Diploma in Business Administration from the All India Council for Management Studies, Chennai, Founder and Managing Partner of BGJC & Associates LLP a well-respected audit and management consulting firm based in New Delhi Counselling top management in strategy implementation, scaling up of business, organisational development and management & family structures, Currently on the Board of IIM (Indore)

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Management Team Key Managerial Personnel

Mr. Sandeep Sikka Chief Financial Officer

B.Com (Hons), ACA, ICWA with over 22 years of experience in all aspects of finance including raising growth capital, profit enhancements & cost optimization, business planning & control and corporate governance. Previously worked at Usha International Limited as Group Chief Financial Officer & at Jindal Stainless Limited as Vice President (Corporate Finance)

Ms. Payal M Puri Company Secretary & Associate Vice President-Legal

B.Sc (Hons), CS, LLB with over 15 years of experience in secretarial, legal, corporate governance and CSR. Previously worked as Company Secretary of PI Industries Limited

Business Heads

Mr. Ram Babu Kabra President (BPD)

B.Com, FCA, ACS with more than 35 years of experience in finance, accounts, commercial, PPC, production, sales marketing, projects, mergers and accquisitions. Previously worked as the Chief Accountant of Hyderabad Asbestos Limited

Mr. Manish Bhatia President (BPD) and Chief Executive Officer (Retail division)

B.E (Mech), PGDM with more than 19 years of experience in sales, marketing, business development and operations. Previously worked for AkzoNobel as the Chief Marketing Officer for decorative paints for South Asia region

Mr. Rajesh Pajnoo President (BPD-Pipes)

B.E., DBM, PGDM&SM with more than 25 years of experience including 19+ years in plastic and PVC industry. Previously worked as Chief Operating Officer of Kisan Mouldings Limited

Mr. Rakesh Kaul President (CPD)

MFT, MBA, B.Sc. with over 20 years of experience in consumer businesses, media, retail, education and telecom. Previously held the position of Executive Director at Karbonn Mobiles

Mr. Harsha Kadam G Chief Executive Officer (PPD-Container Glass)

B.E (Mech), DFM with more than 27 years of experience in precision engineering and auto components industry. Previously worked for SKF India Limited as Director Automotive business

Mr. K Rajesh Chief Executive Officer (PPD-PET)

B.E (Mech), PGDBM with more than 27 years of experience in sales & marketing, commercial and general management. Previously worked for Saint Gobain Vetrotex India as VP (Sales & Marketing)

Mr. Ravi Gupta Chief Executive Officer (PPD-Security Caps and Closures)

B.E., M.I.E. with over 42 years of experience in project management, operations and business management. Previously held the position of Managing Director at Guala Closures (India) Private Limited

Mr. Sanjay Gaur Chief Human Resources Officer

PGDBM with 26 years of experience in capability development, leading change management and people processes to support organisation building and sustained business growth. Previously worked for Airtel as General Manager-HR

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